Operator

Welcome to the Scandic Hotels Group Q1 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Jens Mathiesen; and CFO, Par Christiansen. Please go ahead.

Jens Mathiesen
President & CEO

Thank you very much, and good morning, everyone, and thank you for joining us for this Q1 presentation. Like just said, I'm Jens Mathiesen. I'm the CEO of Scandic. And together with me, we have our CFO, Par Christiansen.

Let's go into the highlights of this quarter. Please go to Page 2. Looking at the quarter, we are off to a good start to this year with stable growth and solid results. Revenue grew by 3%. And adjusting for currency effects, organic growth was close to 5%. We operate with high efficiency and very good cost control, delivering a result and margin in line with last year. Market conditions, they remain positive overall, and we continue to see good demand across our markets, although development varies somewhat. Cash flow improved during the quarter, and our financial position remains strong, giving us a solid foundation going forward.

The second quarter has started well. Business on books are at good levels, supported by strong leisure demand, stable business travel and a solid event calendar. Despite the ongoing geopolitical uncertainty, we do not currently see any direct impact on demand. So all in all, we're entering the peak season with good